Will Sanofi Overpay For Actelion Innovation Or, Like J&J, Also Walk Away?
Reported M&A talks between Sanofi and Actelion will likely stand or fall on the former's willingness to overpay and the target's demanded price for surrendering its independence.
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In this tale of two companies, it's the best of times and the best of times. J&J gets immediate value by acquiring Actelion's blockbuster PAH franchise and its late-stage pipeline, while its stake in an Actelion spinout offers longer-term potential.
Johnson & Johnson is expected to keep pursuing Actelion despite news the target's pulmonary arterial hypertension drug macitentan missed a primary endpoint in a Phase III study of patients with PAH due to Eisenmenger Syndrome.
Johnson & Johnson is back at the M&A bargaining table with Actelion after walking away from negotiations a week ago, raising questions about whether Sanofi’s deal terms were harder to digest than J&J’s.